The PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP), the tracking exchange traded fund for the U.S. Dollar Index, is already down more than 5% year-to-date, making it a dud among major currency ETFs.

However, the dollar and UUP could see more downside as bearish technical conditions persist. As things stand, UUP already resides more than 2% below its 50- and 200-day moving averages and is nearly 7% below its 52-week high.

UUP tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. Other currencies, including the Australian dollar, yen and Canadian dollar have recently been gaining momentum against the greenback.

“A currency ‘shift’ here would have short- to intermediate-term consequences for various assets across investors portfolios. So investors need to stay tuned. This could also usher in some volatility, as traders look to re-align their currency hedges and interests,” reports ETF Daily News.